Americans split on homeowner bailout - poll

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Patriot60 wrote:

<quoted text>By legislating that the financial institutions who gambled on these high risk mortgages renegotiate the terms of the loan. The people will keep their houses, the banks will get money and never fear, they will write off the losses and get tax breaks for them. Whether the government subsidizes the mortgages directly or forces the industry to renegotiate we will get the bill in the end. So now that the finance industry has already been bailed out, why not do something for THE PEOPLE of our nation?

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elise wrote:

It's a pretty tragic situation. Here in Albuquerque, young people with kids are losing their homes right and left. They should never have been given loans and they should have known they couldn't afford to buy a home. These are the same silly kids that insist on buying new cars that they can't afford either. They want what they want and they want it now. I feel sorry for them but it may be the best thing for them to learn a valuable lesson fairly young in their lives. Having said that, the real question is probably "What is best for the overall economy?"

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Darren M wrote:

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Nope, I'd rather see them in a tent in Iraq, or Afghanistan EARNING their Federal Bailout, if that were to happen.
Liberals make me sick.

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Freemind wrote:

<quoted text>Why do you feel sorry for them. Someone who makes 50K a year buys a house worth 200K, then it all falls apart, then they cry and want the government to bail them out. I don't feel sorry for them at all. They should have planed like my wife and I did. If the worst happened and we both lost our jobs, and had to work at Mcdonalds, or something, we could still afford our house payments. It would be tight, but we could do it. Plan ahead people. Let the buyer beware.

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Patriot60 wrote:

<quoted text>Oh,BS. One of the first things you must provide is work history(which is verified)Bank account info(for 3 months),last years tax return,SSN and credit reports from all 3 credit reporting agencies.There is NO WAY illegal immigrants could come up with all those documents and credit histories.Take your illegal immigrant argument to a forum that is relevant will you? We ARE talking about fellow AMERICANS.

Nuggin wrote:

.....The realistic liberal side points out that if even 5% of home owners "walk away" from their homes, the property values will crash hard, which in turn will kill new housing causing unemployment and will also cause a significant decline in the tax base for areas who meter off of the prop value.
It will further cause more home owners to want to walk away as they face payments on a house worth half what they are paying for it.
So, do we punish EVERYONE, even the responsible, for the irresponsible people's actions?

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Old Man Charlie wrote:

An old rule of thumb used to be: 1) Don't buy a house that is worth more than 3X's your annual salary ... AND 2) Housing costs should not be more than 25-33% of your monthly take-home pay. Okay, I admit that was 'way back then', but thinking about how much of one's salary actually goes towards housing (be it 25%, 50%, 75%) is something seriously worth thinking about. If people would FIRST THINK and not be in such a hurry to get over their head financially, they'd be better off.

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JJL wrote:

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You do understand that just because you had equity in a house a few years ago, that does not necessarily mean that you still have any today?
I put 20% down on a house I bought 3 years ago. The house has gone down in value by nearly that much. If housing prices continue to plunge and I do not or cannot refinance, I will end up with an upside down mortgage - owing more than the house is worth.
Around here, it's not all that an unusual situation. People with ARMS are especially in trouble because their payments are going up at the same time as the value of their houses are going down.

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reality wrote:

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Thank you for sharing your story. I see people are so quick to judge others and they have no clue as to the big picture in all this. They think everybody went out and bought a new home, which was not the case. They are on their high horses right now because they haven't been burned yet! All of us are one illness, one accident or one corrupt CEO away from financial ruin. I would rather my taxed dollars help my fellow Americans. I don't hear any body complaining about the millions and billions of our taxed dollars going out of this country to support other countries. We should be taking care of this country and our people first. Many blessings to you.

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Patriot60 wrote:

<quoted text>Does that mean that the corporate bailout was fine with you and you want accountability placed soley on the back of your fellow americans? Does your patriotism apply soley with those who fight in and support war? There is a war going on here at home in our nation. It is between the wealthy individuals and corporations and the rest of us. I have nothing against gaining wealth as long as it is NOT at the expense of everyone else,so don't mistake me for a socialist. But the individuals who are trying to attain the american dream of home ownership should not have been given these loans. Financial institutions have an obligation to protect the value of their holdings. They were greedy and negligent in approving these loans. Perhaps all the underwriters should be sent to Iraq or Afganistan to work off the inordinate debt they allowed to accrue and jepardize the stability of our economy even further. There is enough irresponsibility to go around why only hold the individual americans accountable? Don't they deserve the same assistance the industry received?

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Concerned Taxpayer wrote:

Here is great idea -- Let's reward irresponsible behavior by the lender and borrower!(better yet, lets charge it to the taxpayers)
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If the gov't is going to force lenders to rewrite mortgages to lower the interest rate and loan amount, they need to do it for everyone.
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Mr X wrote:

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TRUST the REALTOR - what morons.

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Dakota wrote:

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Exactly so you should know the difference between Americans that obtained these loans and "illegal immigrants" that received these loans. I have been in the mortgage industry for over 30 yrs. Awhile ago I audited sub prime loans, so don't tell me what these people needed to come up with, I saw it first hand. This isn't an "illegal immigant" issue it very much has to do with the big picture of the sub prime mess. The "mounds of paperwork" you refer to shows how little you really know about the depth of the problem.Credit histories? what credit histories.....they didn't need them, a few bogus form of alternative credit sufficed.Employment wasn't verified through paystubs or tax returns...only a verbal..bank statements.....for accounts that didn't belong to them or maybe an 80/20 loan with cash on hand for closing being used. You are trying to relate sub prime loans to prime..totally different. They didn't call these "liar loans" for no reason.It matters not to me what you chose to believe, I saw it and full aware of one of the biggest scams pulled on the "American" people.